Review of Development Finance最新文献_第4页

A new index for measuring SADC exchange control restrictiveness 衡量南共体外汇管制限制程度的新指标

IF 0.6

Review of Development Finance Pub Date : 2016-12-01 DOI: 10.1016/j.rdf.2016.09.002

Mark Ellyne , Rachel Chater

{"title":"A new index for measuring SADC exchange control restrictiveness","authors":"Mark Ellyne , Rachel Chater","doi":"10.1016/j.rdf.2016.09.002","DOIUrl":"10.1016/j.rdf.2016.09.002","url":null,"abstract":"<div><p>This paper addresses the issue of the assessment of foreign exchange and capital controls in the context of the Southern African Development Community's goal of regional integration. It reviews the pros and cons of current and capital account liberalisation and argues that there is a lack of sufficiently refined <em>de jure</em> measures of capital account openness. A new index for measuring exchange control restrictiveness is created based on data from the International Monetary Fund's Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER) for the 15 SADC member states. This index is unique in that it employs ordinal measures of exchange control restrictions rather than the binary measures used in previous measures. The new index illustrates the considerable range of variation of exchange restrictiveness within SADC, as well as illustrating SADC's relative exchange restrictiveness compared with other countries, inside and outside of Africa. The new index also correlates with several measures of financial development, certain balance of payment items, and some measures of institutional development, which makes it a useful measure for SADC integration. The paper highlights the challenges for SADC monetary union in the sphere of exchange control.</p></div>","PeriodicalId":39052,"journal":{"name":"Review of Development Finance","volume":"6 2","pages":"Pages 139-150"},"PeriodicalIF":0.6,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.rdf.2016.09.002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"55056937","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Does infrastructure really explain economic growth in Sub-Saharan Africa? 基础设施真的能解释撒哈拉以南非洲的经济增长吗?

IF 0.6

Review of Development Finance Pub Date : 2016-12-01 DOI: 10.1016/j.rdf.2016.12.001

Odongo Kodongo, Kalu Ojah

{"title":"Does infrastructure really explain economic growth in Sub-Saharan Africa?","authors":"Odongo Kodongo, Kalu Ojah","doi":"10.1016/j.rdf.2016.12.001","DOIUrl":"10.1016/j.rdf.2016.12.001","url":null,"abstract":"<div><p>In light of Africa’s palpable deficit in public infrastructure, we use System GMM to estimate a model of economic growth augmented by an infrastructure variable, for a panel of 45 Sub-Saharan African countries, over the period 2000–2011. We find that it is the spending on infrastructure and increments in the access to infrastructure that influence economic growth and development in Sub-Saharan Africa. Interestingly, these significant associations, especially those of infrastructure spending, are more important for lesser developed economies of the region than for the relatively more developed economies, which uncommonly have better than near-zero access to infrastructure. In addition to these robust direct links between the target variables, we find importantly that infrastructure access, and quality, also relate to economic growth indirectly via export diversification (trade competitiveness), and cross-border capital flows and trade competitiveness, respectively. Among other important policy derivatives of our findings, we emphasize that efforts aimed at reversing Africa’s pervasive infrastructure deficit, in ways that enable economic growth and development, must be carefully nuanced.</p></div>","PeriodicalId":39052,"journal":{"name":"Review of Development Finance","volume":"6 2","pages":"Pages 105-125"},"PeriodicalIF":0.6,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.rdf.2016.12.001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"55056988","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 159

Information asymmetry and financial development dynamics in Africa 信息不对称与非洲金融发展动态

IF 0.6

Review of Development Finance Pub Date : 2016-12-01 DOI: 10.1016/j.rdf.2016.09.001

Simplice A. Asongu , Jacinta C. Nwachukwu , Vanessa S. Tchamyou

{"title":"Information asymmetry and financial development dynamics in Africa","authors":"Simplice A. Asongu , Jacinta C. Nwachukwu , Vanessa S. Tchamyou","doi":"10.1016/j.rdf.2016.09.001","DOIUrl":"https://doi.org/10.1016/j.rdf.2016.09.001","url":null,"abstract":"<div><p>We examine policy thresholds of information sharing for financial development in 53 African countries for the period 2004–2011. Public credit registries (PCRs) and private credit bureaus (PCBs) are used as proxies for reducing information asymmetry whereas financial development includes all financial dimensions identified by the financial development and structure database (FDSD) of the World Bank, namely: depth, efficiency, activity and size. The empirical evidence is based on interactive generalised methods of moments with forward orthogonal deviations. The following findings are established. First, PCRs and PCBs have negative effects on financial depth, with the magnitude of the former higher. Second, contrary to PCRs which have insignificant effects, PCBs have a negative impact on banking system efficiency. Third, PCRs and PCBs have negative impacts on financial activity, with the magnitude of the latter higher. Moreover, both of their marginal effects are negative. Fourth, PCRs and PCBs have positive effects on financial size, with the effect of the former higher. While marginal effects are positive, corresponding thresholds are not within range. Policy implications are discussed.</p></div>","PeriodicalId":39052,"journal":{"name":"Review of Development Finance","volume":"6 2","pages":"Pages 126-138"},"PeriodicalIF":0.6,"publicationDate":"2016-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.rdf.2016.09.001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137336598","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Intra-industry momentum and product market competition around the world 全球行业内发展态势与产品市场竞争

IF 0.6

Review of Development Finance Pub Date : 2016-06-01 DOI: 10.1016/j.rdf.2016.02.001

Ting Li

{"title":"Intra-industry momentum and product market competition around the world","authors":"Ting Li","doi":"10.1016/j.rdf.2016.02.001","DOIUrl":"10.1016/j.rdf.2016.02.001","url":null,"abstract":"<div><p>This paper examines the relationship between product market competition and intra-industry momentum returns. Based on 12,982 firm observations from 19 developed markets for the period of 1990–2010, I find that buying winners and selling losers in competitive industries generates significantly higher momentum profits than that in concentrated industries. The higher the intensity of product market competition, the larger are the intra-industry momentum returns. The results are robust to sub-samples (periods) of the U.S., non-U.S. countries, the G7 countries, 1990–2000, and 2001–2010. I further employ the nearness of a stock's price to the 52-week high to determine past winners and losers and find stronger results. I also compare intra-industry momentum returns with <span>Jegadeesh and Titman (1993)</span> individual stock momentum and <span>Moskowitz and Grinblatt (1999)</span> inter-industry momentum strategies. My results suggest that intra-industry momentum strategy outperforms the latter two strategies in most cases. The overall results are consistent with the notion that severe product market competition induces managers to improve financial performance.</p></div>","PeriodicalId":39052,"journal":{"name":"Review of Development Finance","volume":"6 1","pages":"Pages 16-25"},"PeriodicalIF":0.6,"publicationDate":"2016-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.rdf.2016.02.001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"55056721","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 7

Does development finance pose an additional risk to monetary policy? 发展融资是否对货币政策构成额外风险?

IF 0.6

Review of Development Finance Pub Date : 2016-06-01 DOI: 10.1016/j.rdf.2016.06.001

Haruna Issahaku , Simon K. Harvey , Joshua Y. Abor

引用次数: 18

Modeling Latin-American stock markets volatility: Varying probabilities and mean reversion in a random level shift model 拉丁美洲股票市场波动建模:随机水平移位模型中的变概率和均值回归

IF 0.6

Review of Development Finance Pub Date : 2016-06-01 DOI: 10.1016/j.rdf.2015.11.002

Gabriel Rodríguez

{"title":"Modeling Latin-American stock markets volatility: Varying probabilities and mean reversion in a random level shift model","authors":"Gabriel Rodríguez","doi":"10.1016/j.rdf.2015.11.002","DOIUrl":"10.1016/j.rdf.2015.11.002","url":null,"abstract":"<div><p>Following <span>Xu and Perron (2014)</span>, I applied the extended RLS model to the daily stock market returns of Argentina, Brazil, Chile, Mexico and Peru. This model replaces the constant probability of level shifts for the entire sample with varying probabilities that record periods with extremely negative returns. Furthermore, it incorporates a mean reversion mechanism with which the magnitude and the sign of the level shift component vary in accordance with past level shifts that deviate from the long-term mean. Therefore, four RLS models are estimated: the Basic RLS, the RLS with varying probabilities, the RLS with mean reversion, and a combined RLS model with mean reversion and varying probabilities. The results show that the estimated parameters are highly significant, especially that of the mean reversion model. An analysis of ARFIMA and GARCH models is also performed in the presence of level shifts, which shows that once these shifts are taken into account in the modeling, the long memory characteristics and GARCH effects disappear. Also, I find that the performance prediction of the RLS models is superior to the classic models involving long memory as the ARFIMA(p,d,q) models, the GARCH and the FIGARCH models. The evidence indicates that except in rare exceptions, the RLS models (in all its variants) are showing the best performance or belong to the 10% of the Model Confidence Set (MCS). On rare occasions the GARCH and the ARFIMA models appear to dominate but they are rare exceptions. When the volatility is measured by the squared returns, the great exception is Argentina where a dominance of GARCH and FIGARCH models is appreciated.</p></div>","PeriodicalId":39052,"journal":{"name":"Review of Development Finance","volume":"6 1","pages":"Pages 26-45"},"PeriodicalIF":0.6,"publicationDate":"2016-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.rdf.2015.11.002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"55056667","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 12

The determinants of financial inclusion in Africa 非洲金融包容性的决定因素

IF 0.6

Review of Development Finance Pub Date : 2016-06-01 DOI: 10.1016/j.rdf.2016.05.001

Alexandra Zins , Laurent Weill

引用次数: 408

Financial stress in emerging markets: Patterns, real effects, and cross-country spillovers 新兴市场的金融压力:模式、实际影响和跨国溢出效应

IF 0.6

Review of Development Finance Pub Date : 2016-06-01 DOI: 10.1016/j.rdf.2016.05.004

Mikhail Stolbov , Maria Shchepeleva

引用次数: 24

Sovereign bonds in developing countries: Drivers of issuance and spreads 发展中国家的主权债券:发行和息差的驱动因素

IF 0.6

Review of Development Finance Pub Date : 2016-06-01 DOI: 10.1016/j.rdf.2016.05.002

Andrea F. Presbitero , Dhaneshwar Ghura , Olumuyiwa S. Adedeji , Lamin Njie

{"title":"Sovereign bonds in developing countries: Drivers of issuance and spreads","authors":"Andrea F. Presbitero , Dhaneshwar Ghura , Olumuyiwa S. Adedeji , Lamin Njie","doi":"10.1016/j.rdf.2016.05.002","DOIUrl":"10.1016/j.rdf.2016.05.002","url":null,"abstract":"<div><p>In the last decade there has been a new wave of sovereign bond issuances in Africa. What determines the ability of developing countries to issue bonds in international capital and what explains the spreads on these bonds? This paper examines these questions using a dataset that includes 105 developing countries during the period 1995–2014. We find that a country is more likely to issue a bond when, in comparison with non-issuing peers, it is larger in economic size, has higher per capita GDP, a lower public debt, and a more effective government. Spreads on sovereign bonds are lower for countries with strong external and fiscal positions, as well as robust economic growth and government effectiveness. We also find that primary spreads for the average Sub-Saharan African issuer are higher than in other regions. With regard to global factors, our results confirm the existing evidence that issuances are more likely during periods of global liquidity and high commodity prices, especially for Sub-Saharan African countries, and spreads are higher in periods of higher market volatility.</p></div>","PeriodicalId":39052,"journal":{"name":"Review of Development Finance","volume":"6 1","pages":"Pages 1-15"},"PeriodicalIF":0.6,"publicationDate":"2016-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.rdf.2016.05.002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"55057164","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 55

Financial development and poverty reduction in developing countries: New evidence from banks and microfinance institutions 发展中国家的金融发展和减贫:来自银行和小额信贷机构的新证据

IF 0.6

Review of Development Finance Pub Date : 2016-06-01 DOI: 10.1016/j.rdf.2016.06.002

Ficawoyi Donou-Adonsou , Kevin Sylwester

{"title":"Financial development and poverty reduction in developing countries: New evidence from banks and microfinance institutions","authors":"Ficawoyi Donou-Adonsou , Kevin Sylwester","doi":"10.1016/j.rdf.2016.06.002","DOIUrl":"10.1016/j.rdf.2016.06.002","url":null,"abstract":"<div><p>The literature on financial development and growth has received a lot of attention over the past two decades. Unlike growth, not much of consideration has been given to poverty reduction. Moreover, most of the past studies focus on bank and stock market development. The advent of microfinance institutions (MFIs) lets to think about the potential role MFIs can play in a countrywide economy. In this study, we consider to what extent banks and MFIs reduce poverty. We apply the instrumental variables approach, namely the fixed-effects two-stage least squares, to a panel of 71 developing countries over the period 2002–2011. Using credit to GDP as the main financial development indicator, the results indicate that banks reduce poverty when poverty is measured by the headcount ratio and poverty gap. As for the squared poverty gap, there is no significant effect of banks. On the other hand, MFIs do not appear to have any impact on poverty regardless of the measure of poverty employed. These results imply that while banks have some ability to reduce poverty, MFIs do not, at least at the aggregate level. Our results are robust to the use of assets to GDP as an alternative measure of financial development.</p></div>","PeriodicalId":39052,"journal":{"name":"Review of Development Finance","volume":"6 1","pages":"Pages 82-90"},"PeriodicalIF":0.6,"publicationDate":"2016-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.rdf.2016.06.002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"55056856","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 148